'These reasons are unacceptable' - NLC threatens Tinubu, CBN

The Nigeria Labour Congress (NLC) has threatened President Bola Tinubu and Dr Olayemi Cardoso, the Governor of the Central Bank of Nigeria (CBN) over the scarcity of cash in Nigerian banks.

Ahead of the festive period, Joe Ajaero, the National President of the NLC reeled out the several implications of the situation on Nigerians and called on the government to take urgent steps towards addressing it.

Recall that Nigerians have had cause to complain about the inability to access cash in banks for their daily needs despite the CBN assurance to address the situation.

The banks have been rationing cash over the counter, and many automatic teller machines (ATMs) are not dispensing cash, Legit.ng reports.

But the NLC, in a statement, said that President Tinubu-led federal government and the CBN should expect mass public protest should nothing be done to address the shortage of the Nigerian currency.

Ajaero maintained that the "ill-conceived and ill-implemented currency redesign policy" that Nigerians experienced earlier this year was still fresh in their minds, and they would not tolerate a repeat of naira scarcity in the country.

The NLC president said there is no reason Nigerians should be subjected to the naira scarcity-like situation in 2023, adding that the government and the CBN have no excuse to give to their people.

His statement reads in part: "We have heard reasons like the increase in fake notes in circulation and the hoarding of the naira. These reasons are clearly unacceptable as we cannot see anything that will make any Nigerian hoard the naira. In any case, it is not the ordinary Nigerian that hoards money in their houses.”